Mortgage protection plan with critical illness benefit

kopite_3

I was wondering if anyone could help me please:

I took a mortgage with HSBC 3 years ago for 64k and when I did it I had to get the above named insurance policy which costs £11 per month. Later on when I had to get a new roof etc I borrowed a further 11k and they made me take out a further policy for and extra £6 per month.

My question is:

is a mortgage protection plan with a cost of £17 per month based on a mortgage of £75k good value.

I have looked around and it seems I may be over paying by around £5 per month based on the fact I am a 28 year old male non smoker with no history of poor health in the past.

This doesn't seem much but over a 25 year mortgage is certainly adds up.

Any advice would be greatfully appreciated.

Thanks

dunstonh

HSBC life/CI cover would be approx 50%-100% more expensive than what you can get elsewhere.

If you were to rebroke the cover now, the lender would not know. Plus lenders are no longer able to insist on own insurance for you to get the mortgage. You are paying approx £8pm over the top.

HOWEVER, CI cover has been downgraded over recent years and if you plan is guaranteed rather than reviewable, it is almost certainly better than modern CI plans. That being said, most banks offer reviewable contracts which means that at the first reviewable date they can adjust premiums and/or conditions covered if they want.

kopite_3

Does anyone know where is the best place to look for this cover as when I have looked the cost seems to be separated between the two.

Thanks